S&P revises Kentucky outlook over pensions

Pension woes spur change from stable to negative

1:27 AM,
Feb. 2, 2013

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Standard & Poor's Rating Services has revised down Kentucky's financial outlook over the state's poorly funded retirement system - another warning sign that lawmakers are failing taxpayers if the 2013 General Assembly session concludes without a sweeping pension overhaul, business leaders said Friday.

S&P announced the revision Thursday, moving Kentucky from a stable to a negative outlook and citing unfunded pension liabilities of more than $33 billion for all of the state's retirement systems combined.